Delaware officials and state blockchain advocates believe the security the open ledger technology provides will be crucial to the entity’s billion-dollar corporate franchise business, which contributes more than 25% of the state’s revenue.
According to Delaware Online, the state has over a million corporate entities, including 64% of Fortune 500 companies. It adds that advocates of blockchain believe the extra security the disruptive technology provides will strengthen Delaware’s finances through higher fees for filing documents with the Secretary of State and that if correctly implemented, it will have a relevant edge over Wyoming and other states in its business registration trade.
Advocates also believe that a blockchain system would allow documents to be updated and modified electronically without human errors. IBM will programme and test computer code for the blockchain system prototype that would later serve as the basis for a future state contract.
Deputy Secretary of State Kristopher Knight comments: “It’s all dummy information, and it’s just meant to show you that this is how we imagine these pieces working together. We’re talking about something that’s so new, and we don’t want anyone who’s bidding on this information to get it confused.”
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